Oman launches New Nation Brand at Davos to enhance global presence
Muscat, Oman – Oman on Tuesday launched its New Nation Brand at the World Economic Forum in Davos in an...
Creators HQ, X announce strategic partnership to produce authentic, meaningful content
Dubai, UAE - Creators HQ in the UAE, the world’s first international hub for the content economy’s creators and entrepreneurs,...
Business
Economy
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
- Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.
- The bloc's shift from oil, through huge investments in logistics infrastructure and a business-friendly environment, positions them as prime locations for foreign investment.
Business
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
- The aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion during the first 11 months of 2023
- National banks accounted for 86.5 percent of the total capital and reserves of UAE-based banks logging $113 billion by end of November 2023
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
- Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
- Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
Economy
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
- The two sides look to enhance relations in the fields of labour, research, training, and ways to achieve the common interests
- Al Mansori noted the chamber's preparedness to collaborate with the ILO, praising its significant role in labour-related matters
Economy
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
- Yasir Al-Rumayyan, speaking at the FII PRIORITY summit in Miami, highlighted the fund's focus on sectors like education, healthcare, artificial intelligence
- By investing in technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future
Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday.The National Bureau...
- According to the National Bureau of Statistics, 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices
- In Shanghai, Guangzhou and Shenzhen, prices of new homes fell 0.3% in January with the decline narrowing by 0.1 percentage points
Economy
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
- Al Ghurair said that the recent increase in interest rates would be reversed soon, leading to a decline in lending rates
- He said high interest rates, reaching up to 5 or 6 percent, are still lower than in many countries, supporting businesses
Economy
UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...
- UAE's economy expected to grow over 5.5% in 2024, says Damian Hitchen, CEO of Saxo Bank in the MENA region.
- Its strategic location and diversification from oil to tourism, tech, and renewable energy spur economic growth.
Economy
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
- The bills with a maturity of 182 days are issued by the Central Bank of Bahrain on behalf of Bahrain
- The average price for the issue was 97.077%, with the lowest accepted price being 97.032%
Interview
WEF24: Catalyzing investment, trade transform Africa
Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell...
- Addressing infrastructure and climate change is crucial for Africa's development, British Robinson, the Coordinator of the Prosper Africa Initiative, tell TRENDS in an interview.
- Prosper Africa is a national security initiative aimed at providing supportive and positive assistance to the continent, ensuring its efforts are beneficial and not exploitative.
Oman launches New Nation Brand at Davos to enhance global presence
Muscat, Oman – Oman on Tuesday launched its New Nation Brand at the World Economic Forum in Davos in an...
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Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as...
Economy
Stocks firm, dollar subdued as market flirts with outsized Fed cut
Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start...
Economy
Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating
Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1"...
Economy
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Economy
ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
- In July, the ECB left interest rates unchanged in a unanimous vote following June’s landmark cut
- Headline inflation in the EURO hit a three-year low in August with a reading of 2.2%
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
- 68% of Saudi workers use generative AI weekly, compared to 55% globally, while an overwhelming 93% consider it an essential tool at work
- The New York Times reported that representatives from Saudi Arabia's PIF have discussed potential partnerships with leading Silicon Valley venture capital
Business
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
- The sector's direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034.
- Central to this growth has been a combination of strong domestic demand and increased international arrivals.